Debt-The true Olympic legacy…continued

Further to our earlier post, the Future Communities blog  points out that the recent riots “diverted attention from the  decision by the Government and the Mayor’s Office to reject a £1bn bid by the Wellcome Trust to transform the Olympic Park into a science and technology hub.”

Instead of creating up to 7000 new jobs, turning the Olympic village into a new research and innovation facility, its sale to Qatari Diar and Delancey Estates, the two property development companies who have recently acquired it for £557m (with a staggering £275m loss) is a shortsighted one.

Unemployment in the east end boroughs of London are among the highest in London and the prospect of creation thousands of jobs for local residents is yet another wasted opportunity.

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The true Olympic legacy: the debt starts here

The Olympic village has been sold to the property arm of Qatar’s Royal family at a loss of £275m.

In alliance with British developer Delancey Estates, the two companies will be responsible for just over half of the existing 2,818 homes and for the development of a further 2,000 units on new land.

The partnership “creates the first private-sector residential fund of more than 1,000 homes to be owned and directly managed as an investment.”

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